S Hotels & Resorts Steps Into the Future as it Starts to Accept Cryptocurrencies as Payment

6 Nov, 2020

S Hotels and Resorts Public Company Limited, the flagship hospitality arm of Thailand’s Singha Estate PCL, constantly strives to drive the hospitality industry forward and cater for a new generation of guests.

This pioneering company has now taken another big stride into the future by becoming one of the first hotel groups in the world to start accepting cryptocurrencies as payment.

S Hotels & Resorts has announced a ground-breaking new partnership with FTX, a leading cryptocurrency trading platform, to enable its customers to book and pay for their stays using virtual online currencies.

Initially, S Hotels & Resorts’ two award-winning properties in the Maldives – SAii Lagoon Maldives and Hard Rock Hotel Maldives – will welcome cryptocurrencies from 1st October 2021, becoming the first resorts in the country to do so.

Nestled in the idyllic Kaafu Atoll, SAii Lagoon Maldives is a tropical lifestyle retreat for millennially-minded guests, and Hard Rock Hotel Maldives is the iconic music-themed brand’s first Maldivian property.

Both resorts were honoured in the Luxury Lifestyle Awards 2021.

They form part of CROSSROADS Maldives, a breath-taking integrated resort that features a wealth of world-class facilities, including diverse dining, wellness, water sports, diving, eco-sensitive excursions, oceanfront events and more.

As the first resorts in the Maldives to accept cryptocurrencies, SAii Lagoon Maldives and Hard Rock Hotel Maldives are creating fresh opportunities for forward-thinking guests to book their festive holidays in the Maldives, which is fully open for international travel.

Vacations at these two world-class resorts can be paid for in USD Coins (USDC) and Tether tokens (USDT), with more cryptocurrencies expected to be added in future.

Bookings must be made directly with each property’s reservations department: [email protected] for SAii Lagoon Maldives and [email protected] for Hard Rock Hotel Maldives. Payments can be arranged securely, from anywhere in the world.

There benefits of cryptocurrencies are manifold; they will expand the number of payment options offered by S Hotels & Resorts, targeting new and potentially untapped sectors of the market, while helping hotels to drive a greater number of direct bookings.

They will also appeal to a new wave of Gen Y and Gen Z consumers, who operate in the online space and appreciate the convenience of virtual transactions.

“At S Hotels & Resorts, we are constantly seeking new ways to connect with our customers and remove barriers to travel. We fully understand that in today’s world, an increasing number of consumers are turning to cryptocurrencies as a secure and stress-free way of paying for goods and services. As an innovator in the hospitality space, we are excited to start working with FTX and enable virtual currencies at our two resorts in the Maldives. We hope to expand this partnership to even more of our award-winning hotels and resorts around the world in future,” said Dirk De Cuyper, Chief Executive Officer, S Hotels & Resorts.

“Looking ahead, we will continue to roll out new and flexible solutions that enhance all aspects of our guest journey, from planning, payment and booking to in-stay experiences, bespoke services, community activities and more. We want to become the hospitality provider of choice for a new generation of customers.”

Founded in 2018, FTX is a global cryptocurrency exchange that has partnered with a wide range of leading virtual currency firms, including Circle, Sequoia and Paxos, among others.

It is also a responsible company, having donated more than US$10 million to charities in the last three years. This perfectly aligns it with S Hotels & Resorts’ own extensive CSR commitments.

S Hotels & Resorts joins a growing number of cutting-edge companies that now accept cryptocurrencies as a payment option, including Microsoft, Rakuten, AT&T, Twitch and Virgin Galactic.